Week in review

Friday 1st November 2002

AMI Insurance posted a $$5.3 million lower $12.1 million June-year profit, saying it was a very solid result in a difficult year for the insurance industry. The company cited substantial weather-damage claims and higher reinsurance costs following the September 11 terrorist attacks.

The Takeovers Panel restrained Lowe Corporation from proceeding with a $4.50 a share bid for Blue Sky Meats. The panel said an agreement with 37% holder Horizon Meats might breach the code's rule 20, which prohibits one shareholder from receiving more for its shares than others.

Cadmus Technology won a $700,000 order from eScience Systems Malaysia for 1000 of its new CP02 SCR eftpos pinpad and printer units.

Accident Compensation Corporation disclosed a 5.16% stake in Waste Management.

Fletcher Building announced a "capital management initiative" under which an investment bank will underwrite shares arising from the dividend reinvestment plan but not taken up by shareholders. The company said the opportunity was attractive, although it didn't need to issue new shares.

Shareholders in Powerco approved the $810 million purchase of assets from UnitedNetworks, recently taken over by Vector. They also approved debt funding for the deal.

The Stock Exchange said it would continue to compile the NZSE40 index, although it would promote its new NZSE50 index instead.

Oil and gas explorers announced a $113 million drilling programme in the Taranaki Basin. Todd Energy will spend $26 million over the next eight months while others, including Shell, Preussag, OMV, Conoco and Inpex, will spend $87 million.

The war of words between GPG and takeover target Rubicon continued, with Rubicon repeating advice not to accept GPG's 75c a share bid and GPG demanding more detail on Rubicon executive compensation.

Restaurant Brands is replacing UnitedNetworks on the NZSE40 index.

Port of Tauranga reported a $7.2 million Sept first-quarter profit and said freight-handling volumes were also ahead of the same period a year ago.

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